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Fed a "major culprit" in commodity inflation

Central Banking staff

31 Jul 2008

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A prominent US economist has blamed Federal Reserve policy for the surge in commodity prices.

"The evidence suggests that the Federal Reserve is a major culprit in the commodity inflation story," Steve Hanke, a professor of applied economics at Johns Hopkins University, told US lawmakers on Wednesday. "But you wouldn't know it from reading the press or listening to officialdom and the political chattering classes. This isn't surprising. After all, economic history is written, to a large exten